Seagate Technology Holdings plc Q4 FY2024 results: revenue $1.9 billion, up 17.8% on the year

Seagate Technology Holdings plc (STX) reported revenue of $1.9 billion for Q4 FY2024, the quarter ended 28 June 2024, up 17.8% on the same quarter a year earlier. Net income was $513 million, and diluted earnings per share $2.43. The figures are the company's own, from the 10-K it filed with the SEC on 2 August 2024.

Revenue$1.9 billionup 17.8%

Net income$513 million

Diluted EPS$2.43

QuarterQ4 FY2024ended 28 June 2024

The quarter, against the one before and a year earlier

Line	Q4 FY2024	Q3 FY2024	A year earlier	Change on the year
Revenue	1,887	1,655	n/a	n/a
Cost of revenue	1,287	1,230	n/a	n/a
Gross profit	600	425	n/a	n/a
Gross margin	31.8%	25.7%	n/a
Research and development	158	164	n/a	n/a
Selling, general and administrative	131	116	n/a	n/a
Operating income	314	143	n/a	n/a
Operating margin	16.6%	8.6%	n/a
Interest expense	82.0	82.0	n/a	n/a
Pre-tax income	538	58.0	n/a	n/a
Income tax	25.0	33.0	n/a	n/a
Effective tax rate	4.6%	56.9%	n/a
Net income	513	25.0	n/a	n/a
Net margin	27.2%	1.5%	n/a
Diluted EPS	$2.43	$0.12	n/a	n/a

$ million except per share. Fourth quarters are the year less the first three quarters. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow and capital returned

Line	Q4 FY2024	Q3 FY2024	A year earlier	Change on the year
Operating cash flow	434	188	n/a	n/a
Capital expenditure	54.0	60.0	n/a	n/a
Free cash flow	380	128	n/a	n/a
Free cash flow margin	20.1%	7.7%	n/a
Depreciation and amortisation	63.0	63.0	n/a	n/a
Share-based compensation	38.0	34.0	n/a	n/a
Buybacks	0.0	0.0	n/a	n/a
Dividends paid	147	147	n/a	n/a
Dividend per share	n/a	$0.70	n/a	n/a
Diluted shares, weighted	212m	213m	n/a	n/a
Shares outstanding at period end	210m	210m	n/a	n/a

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet at quarter end

Line	Q4 FY2024	Q3 FY2024	A year earlier	Change on the year
Total assets	7,739	7,096	n/a	n/a
Cash and equivalents	1,358	795	n/a	n/a
Receivables	429	332	n/a	n/a
Inventory	1,239	1,191	n/a	n/a
Goodwill	1,219	1,237	n/a	n/a
Total debt, as filed	5,729	5,729	n/a	n/a
Long-term debt	5,195	5,192	n/a	n/a
Operating lease liabilities	338	n/a	n/a	n/a
Shareholders' equity	-1,491	-1,889	n/a	n/a

Quarterly results, the last 12 quarters

	Q1 FY2024	Q2 FY2024	Q3 FY2024	Q4 FY2024 *	Q1 FY2025	Q2 FY2025	Q3 FY2025	Q4 FY2025 *	Q1 FY2026	Q2 FY2026	Q3 FY2026	Q4 FY2026 *
Revenue	1,454	1,555	1,655	1,887	2,168	2,325	2,160	2,444	2,629	2,825	3,112	3,629
Cost of revenue	1,305	1,193	1,230	1,287	1,454	1,513	1,400	1,530	1,592	1,649	1,665	1,731
Gross profit	149	362	425	600	714	812	760	914	1,037	1,176	1,447	1,898
Gross margin	10%	23%	26%	32%	33%	35%	35%	37%	39%	42%	46%	52%
R&D	171	161	164	158	181	184	180	179	186	187	194	188
SG&A	105	108	116	131	129	139	139	154	144	143	143	147
Operating income	-129	124	143	314	403	488	431	568	694	843	998	1,559
Operating margin	-9%	8%	9%	17%	19%	21%	20%	23%	26%	30%	32%	43%
Interest expense	84.0	84.0	82.0	82.0	85.0	84.0	77.0	75.0	80.0	72.0	68.0	64.0
Pre-tax income	-147	-4.0	58.0	538	316	350	355	492	614	707	864	1,505
Tax rate	n/a	n/a	57%	5%	3%	4%	4%	1%	11%	16%	13%	14%
Net income	-184	-19.0	25.0	513	305	336	340	488	549	593	748	1,294
Net margin	-13%	-1%	2%	27%	14%	14%	16%	20%	21%	21%	24%	36%
Diluted EPS	-$0.88	-$0.09	$0.12	$2.43	$1.41	$1.55	$1.57	$2.24	$2.43	$2.60	$3.27	$5.60
Operating cash flow	127	169	188	434	95.0	221	259	508	532	723	1,114	1,305
Capital expenditure	70.0	70.0	60.0	54.0	68.0	71.0	43.0	83.0	105	116	161	187
Free cash flow	57.0	99.0	128	380	27.0	150	216	425	427	607	953	1,118
Buybacks	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	29.0	0.0	30.0	117
Dividends paid	145	146	147	147	147	148	152	153	153	154	161	166
Shares outstanding	209m	210m	210m	210m	211m	212m	212m	213m	214m	218m	224m	227m
Filing	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K

* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

Source

10-K for the period ended 28 June 2024, filed 2 August 2024, accession 0001137789-24-000068: the filing on EDGAR. All of Seagate Technology Holdings plc's filings: EDGAR company page.

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